Wells Fargo & Company Cuts EQT (NYSE:EQT) Price Target to $66.00

EQT (NYSE:EQT) had its price target cut by Wells Fargo & Company from $68.00 to $66.00 in a research note released on Thursday morning,Benzinga reports. They currently have an overweight rating on the oil and gas producer’s stock.

A number of other research firms also recently commented on EQT. JPMorgan Chase & Co. reduced their price objective on shares of EQT from $64.00 to $62.00 and set an “overweight” rating for the company in a research note on Tuesday, September 30th. Weiss Ratings restated a “hold (c)” rating on shares of EQT in a research note on Tuesday, October 14th. Barclays reduced their price objective on shares of EQT from $68.00 to $67.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. BMO Capital Markets dropped their target price on shares of EQT from $62.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, September 22nd. Finally, Roth Capital cut shares of EQT from a “strong-buy” rating to a “neutral” rating and dropped their target price for the company from $75.00 to $57.00 in a report on Monday, August 18th. Eighteen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $63.52.

EQT Trading Up 0.2%

NYSE:EQT opened at $53.68 on Thursday. The company has a quick ratio of 0.71, a current ratio of 0.58 and a debt-to-equity ratio of 0.29. EQT has a twelve month low of $35.44 and a twelve month high of $61.02. The company has a market cap of $33.50 billion, a P/E ratio of 18.38, a price-to-earnings-growth ratio of 0.46 and a beta of 0.50. The business has a 50 day moving average price of $52.77 and a two-hundred day moving average price of $53.73.

EQT (NYSE:EQT) last issued its quarterly earnings results on Tuesday, October 21st. The oil and gas producer reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.02. EQT had a net margin of 22.59% and a return on equity of 6.88%. The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the previous year, the business earned $0.12 EPS. The company’s revenue was up 52.6% compared to the same quarter last year. As a group, analysts expect that EQT will post 3.27 EPS for the current fiscal year.

EQT Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Wednesday, November 5th will be issued a dividend of $0.165 per share. This is a boost from EQT’s previous quarterly dividend of $0.16. This represents a $0.66 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 5th. EQT’s payout ratio is 21.58%.

Insider Activity at EQT

In other news, Director Vicky A. Bailey sold 4,259 shares of the firm’s stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $51.56, for a total transaction of $219,594.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.65% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Zions Bancorporation National Association UT bought a new position in shares of EQT during the first quarter worth approximately $35,000. Harbour Investments Inc. boosted its position in shares of EQT by 48.4% during the 1st quarter. Harbour Investments Inc. now owns 693 shares of the oil and gas producer’s stock worth $37,000 after acquiring an additional 226 shares in the last quarter. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of EQT during the 2nd quarter worth approximately $41,000. Anchor Investment Management LLC boosted its position in shares of EQT by 133.3% during the 2nd quarter. Anchor Investment Management LLC now owns 875 shares of the oil and gas producer’s stock worth $51,000 after acquiring an additional 500 shares in the last quarter. Finally, Private Trust Co. NA boosted its position in shares of EQT by 38.1% during the 2nd quarter. Private Trust Co. NA now owns 1,026 shares of the oil and gas producer’s stock worth $60,000 after acquiring an additional 283 shares in the last quarter. 90.81% of the stock is owned by institutional investors.

EQT Company Profile

EQT Corporation operates as a natural gas production company in the United States. The company sells natural gas and natural gas liquids to marketers, utilities, and industrial customers through pipelines located in the Appalachian Basin. It also offers marketing services and contractual pipeline capacity management services.